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Fraud and security top concerns of the payments sector

: Wednesday, April 30 - 2014 @ 11:43

Fraud, security and risk management have been highlighted as growing concerns of the payments sector, according to a recent report by Network International.

The GCC Payments Innovation Survey 2014 reveals that 53 per cent of participants from financial institutions and multi-channel retailers placed fraud and security as the top factor affecting their businesses, followed by the cost of accepting credit card payments with narrowing down payment margins (45 per cent). Fifty one per cent cited risk management as a key focus of their organisations.

A number of themes have been listed that are expected to govern the workings of these organisations in 2014, including fraud and security, narrowing payment margins, implementing a greater focus on mobile-related payments plans, increasing the number of value-added services upon payments made, prioritising loyalty programmes and digital wallets.

Sixty two per cent felt that digital wallets may improve consumer experience and 55 per cent believed that it would enable easier payment options, indicating optimism within industry players regarding the use of digital wallets in the GCC region.

According to the study, innovation is a primary component in enabling the payments industry to take forward strides in the Middle East region. The most recent regional innovations include mPOS machines (51 per cent), contactless payments (44 per cent) and digital wallets (41 per cent).

A large majority (75 per cent) believes that the future of innovation lies with banks and other payment organisations, while a less significant (52 per cent) number believes that the future is in the hands of large technology companies, such as Google and Apple.

Another topic covered by the survey was the driving forces behind the e-commerce and online payment sector. Eighty two per cent believes that secure payments would encourage industries, followed by fulfilment honouring (64 per cent) and hassle-free checkout facilities (63 per cent).

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Wednesday, April 30- 2014 @ 11:43 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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